Thursday, April 30, 2015

One of the most important lakefront properties in Boyne City has a new local owner. 475 Lake Street LLC, purchased the fenced-in lakeshore property on North Lake Street, located across the street from Family Fare and next to the Boyne City Boat Launch. The sale closed April 24. Partners in 475 Lake Street LLC, are local residents Bob Grove and Mike Dow.

“We have both looked at that fence for years and felt something needed to be done,” Grove said. “We saw an opportunity and pursued it. We both feel a great sense of satisfaction securing this property under local ownership.”

“We are not developers and we have no specific plans for the property at this time,” Dow said. “We both appreciate the beauty of Lake Charlevoix and know how important this property is to the community.”

Terms of the sale were not released. The seller was represented by Berkshire Hathaway Real Estate of Charlevoix and agent Richard Lobenherz. Representing 475 Lake Street LLC, was Kirk Jabara of Boyne City and attorney Dan Barron of Barron & Engstrom of Charlevoix.

The property is 4.5 acres and includes 590 feet of lake frontage. It has been owned by Headwaters Properties, Inc. (formerly Devlon Properties) for several years. Headwaters Properties had proposed building a 24-unit hotel on the property and 90-slip marina. While little progress was made on the development the previous owner did receive all the permits necessary to build the marina.

The new owners have not yet determined final plans for the property. Their first objective was to secure the property and clean up the site. “We want to explore several different alternatives to maintain the undeveloped state of the property,” Grove explained.

While the new owners realize the fence enclosing the property has been a sore spot for the community for several years they cautioned that it will take time before the fence comes down. The owners will need to do a comprehensive review of all the issues related to the property, complete some cleanup, and make landscape improvements before removing the fence.

In addition to the lakefront property, Grove is also owner of the historic Dilworth Hotel in downtown Boyne City. He said work on the hotel’s renovation is moving forward and exterior renovations will begin no later than July 1.

Dow is long-time resident of the area and is active in many local organizations. “My interest in Boyne City dates back to the 1970s when we were original owners at the Landings Condominiums,” Dow said. “I admire the progress the community has made and look forward to working with Bob on this great opportunity.”